In afternoon trade on Wednesday the S&P/ASX 200 index has followed the lead of U.S. markets and pushed notably higher. At the time of writing the benchmark index is up 0.7% to 6,772.8 points.
Four shares that are climbing more than most today are listed below. Here's why they have raced higher:
The Megaport Ltd (ASX: MP1) share price is up 3% to $7.61. Investors have been fighting to get hold of the elasticity connectivity and network services company's shares this week following a strong fourth quarter update. Megaport reported a 22% increase in total revenue for the fourth quarter and a 78% increase for the full year. One broker that was impressed was UBS. This morning it retained its buy rating and lifted the price target on its shares by ~38% to $8.65.
The Ramelius Resources Limited (ASX: RMS) share price has raced 9.5% higher to 92 cents after the gold miner released an exploration update. According to the release, Ramelius has achieved highly encouraging deeper exploration results. Significant high grade gold mineralisation has been returned from deeper exploratory underground diamond drilling below the current mine plan at its Vivien site.
The Webjet Limited (ASX: WEB) share price has charged 3% higher to $13.72. This morning the online travel agent was the subject of a broker note out of Ord Minnett. Although the broker has trimmed its price target on the company's shares, this price target is still significantly higher than where its shares trade today. Ord Minnett has a buy rating and $19.32 price target on Webjet's shares.
The Zip Co Ltd (ASX: Z1P) share price has zoomed 8% higher to $3.43 following the release of its fourth quarter update. According to the release, the buy now pay later company finished the year strongly. It grew revenue by 17% quarter on quarter to $27 million. This strong finish meant the company exceeded all financial targets set at the beginning of FY 2019. One major highlight was that transaction value more than doubled to $1.1 billion, compared to its target of $1 billion.
